Walmart is buying ’s Flipkart. Walmart continues over to control e- market compete against .  finally it official. Because giant corporation is acquiringFlipkart.

The world’s largest retailer take control soon. Of the -based e- for its biggest acquisition , Softbank chief executive officer Masayoshi Son said in an earnings webcast ,as per Bloomberg.

Softbank’s 20% stake in Flipkart valued at $4 billion. (Rs27,000 crore). Son said, adding that he had invested $2.5 billion in the . Son did share any further of the transaction.

“Walmart is purchasing Flipkart. Last night there was the official announcement. I believe the deal was reached the 2.5 billion that we have invested has turned out to be 4 billion.” Son said.

The acquisition cost Walmart around $15 billion, according to a previous estimate by Bloomberg.

was also reportedly in the fray to acquire Flipkart went far to offer a “breakup fee” of up to $2 billion to prove its seriousness. A breakup fee penalty has set during the takeover process. This agreement pay if the backs out of the deal.

, Walmart managed to seal the deal and is now in a place to take the fight to in ’s e- market, is estimated to grow over 13 times to $200 billion by 2026.

A giant leap

The deal marks a significant milestone for Flipkart.

started in 2007 as an bookstore operating out of the Bansal duo’s -bedroom apartment in . Flipkart is now the most-valued -age internet company in the . around 30,000 employees. It is also one of the highest-funded private companies in the world. has a giant Amazon a tough in during the last five years?

An internet worth billions and backed by marquee investors  Softbank, Tiger Global, DST Global, and Accel Partners, among others, Flipkart helped break India’s image as just the world’s .

the battle

Following this deal, the Indian e-commerce space now become a battlefield for American behemoths: Walmart and Amazon.

The have been fiercely competing against each other in the , by acquiring smaller players. Flipkart’s acquisition widely considered as an extension of the battle.

“In the , Walmart is the formidable competitor left for Amazon. Walmart has been growing its e-commerce operations a and Amazon has increased its footprint physical stores,” Kartik Hosanagar, a professor of and digital at the University of ’s Wharton School, told Quartz last week.

“Walmart’s looming investment in Flipkart reflects that. Walmart is fighting Amazon and in through its partnership . I suspect similar will happen in India through a partnership with Flipkart,” he added.